Clearances totalled 110,000 bales and the carry over for 1923 amounted to 24,000 bales.
Cotton. Middling American cotton was quoted in Liverpool at the commencement of the year at 11.69d. The rate declined gradually reaching lowest point for the year on 6th February 9.62d. A reaction set in and advances were reported until 13.60d was reached on 16th June. During the latter half of June, July, August, September it fluctuated between that figure and 12.20d, which was reached on 29th September.
The official reports issued at the commencement of October indicated a prospective shortage and prices advanced rapidly until 15.60d was reached on the 10th November. A slight drop was then registered and during the last six weeks various rates were quoted between that figure and 14.56d with 15.29d as the final rate for the year.
Rope Making. For the first part of the year the demand was fairly good and prices for raw material were low but towards the close of the year the Manila hemp market steadily advanced and prices for rope were correspondingly increased and the demand was checked. The prospects of business for the new year are therefore rather unfavourable but on the other hand the fall in the sterling value of the dollar will to some extent offset the increased cost as far as exports to gold using countries are concerned.
Cement Manufacture. There was a strong demand for cement throughout the year, but very severe competition was experienced in all markets, due to the importation of cheap cement from Europe, which necessitated prices being reduced to an absolute minimum. The actual turnover locally was much the same as last year.
(ii). Under Chinese Management.
Tin. Business was fairly good and United States bought freely and Dealers were given an opportunity of clearing somewhat large surplus stocks carried over from 1921. The comparative table is as follows:-
Imports 1921 1922 From Straits 700 tons Exports 1921 1922 To China 8,250 tons 8,566 tons United Kingdom 2,000 tons 863 tons United States 1,000 tons 7,043 tons Japan 55 tons Total 8,950 tons 8,613 tons To China 2,100 tons 2,878 tons Japan 1,000 tons 1,271 tons Total 6,100 tons 12,055 tonsNative Tobacco. Very little business done during the year and total exports are estimated at £471,252 as compared with £513,478 for 1921.